How it Works: Sell Your Rental Property on Roofstock

May 24, 2017 | Jennifer Pollock
Last updated Oct 23, 2017

Having successfully sold hundreds of single-family, tenant-occupied rental properties on our exclusive online marketplace, we’ve streamlined the process to make it transparent, cost-effective and easy for both sellers and buyers.

Once you decide to list your rental home on Roofstock, here’s a brief overview of the next steps from inception to close:

Rather get started right away? Save time and money by selling your tenant-occupied rental property on Roofstock:

1. Listing Agreement

Roofstock Realty, a subsidiary of Roofstock, works with you and multiple sources such as the HouseCanary model to help you determine a proper valuation and price point that attracts investors and generates your desired yields—all while greatly limiting the friction costs of a traditional sale.

2. Kick-Off Call

Roofstock Realty acts on your behalf to bring all parties together, including your property manager (if you have one). We provide scripts for property managers to communicate with the tenant, and explain routine inspections that will be taking place. When the time is right, your property managers notify the tenant of the proceeding sale and ensure them their lease will be honored.

3. Data Collection

During the inspection and data collection process, Roofstock Realty facilitates a thorough inspection/review of the property. This includes creating a unique 3-D tour stripped of tenants’ personal effects, that allows buyers to “walk through” the home virtually. We’ll ask you to provide property details, tenant information (lease, payment history, credit check, etc.) marketing photos and a description of the home.

4. Certification

We officially certify your property by obtaining and organizing all the diligence we believe is necessary to help buyers make an informed decision. We also round up additional data such as estimated market rent and HOA information (if applicable) and provide buyers access to vetted property management options and more to help them evaluate your listing.

5. Property Listed

Your property goes live on Roofstock’s exclusive online marketplace, complete with key metrics, a diligence vault, property highlights and much. By selling through Roofstock, you’re actively marketing your listing to a dynamic and unparalleled network of rental property investors both large and small. At the time of listing, we also open an escrow account at a title insurance company. This way, when a purchase transaction is begins, the process of transferring the title has already been initiated.

6. Transaction

Once a browser hits that “purchase” button, our service and transaction team works with all parties to complete the transaction generally within 30 days. We’ll oversee the entire closing process and provide the buyer access to our preferred partners for financing, insurance and property management. As the seller, you’ll continue to collect rental income until the sale is finalized.

Conclusion

Selling your leased rental property on the Roofstock marketplace is a win-win for you, your tenants and prospective buyers. It can benefit your bottom line and potentially result in higher proceeds without the headaches. Chat with one of our advisors today and learn more about the benefits of selling your leased rental property on Roofstock:

About the author

Jennifer Pollock is a Bay Area-based lifestyle and business writer. She was previously the Editorial Lead at Square, the Lifestyle Front Page Editor at Yahoo, and the Editor in Chief of 7x7.com.